Depositors' funds safe in Nigerian Banks NDIC

The Nigerian Deposit Insurance Corporation has said that Nigerian depositor’s funds are safe in the nation’s banks and other financial institutions, in spite of the uncertainty in global financial system. The
Corporation’s Director in charge of its Assets Management Department, Mr Bashir Umar, told journalists in Sokoto on Thursday that, ”The NDIC is there in case of any failure of the banks and other financial institutions to honor their statutory obligations. ”Therefore, Nigerians have nothing to worry about as they are in safe hands and the corporation is there to duly regulate their activities, as well as help in absorbing any unexpected shocks in the system.” Umar further urged Nigerians to continue to have sustained confidence in the banks and other related financial institutions. The Director said the Nigeria economy was safe, in spite of the dwindling oil revenue occasioned by its current global market. ”Over 90 per cent of the income of Nigeria is dependent on oil revenue, while its price had recently dwindled by about 30 per cent. ”Nigeria’s foreign exchange earnings are therefore less now but the nation is not at any financial risk,” Umar, said. He said the recent adjustment of the value of the Nigerian Naira by the Central Bank of Nigeria from between N155 and N165 to a US dollar to between N165 and N175 should not cause any panic. Umar explained that the action of the nation’s apex bank was in line with the desire of the Federal Government to make the country’s economy stronger and resilient.


--Punch News